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GRH > SEC Filings for GRH > Form 8-K on 12-Dec-2013All Recent SEC Filings

Show all filings for GREENHUNTER RESOURCES, INC. | Request a Trial to NEW EDGAR Online Pro



Creation of a Direct Financial Obligation or an Obligation under an O

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 12, 2013, the Company issued an unsecured promissory note in the amount of $1,500,000 principal together with Warrants (the "Warrants") to purchase up to 107,142 shares of the Company's common stock, par value $0.001 per share ("Common Stock") to Gary C. Evans, Chairman of the Board of the Company. Each Warrant entitles the holder to purchase one share of Common Stock at a price of $0.01 per share. These Warrants have an expiration date five years from the date of issuance.

Mr. Evans loaned the Company the proceeds as part of his $2 million letter of credit support he has issued to the Company. The promissory note will be an unsecured obligation of the Company. The Company will pay principal and all accrued interest on the promissory note on or before March 1, 2014, unless extended by the Company for thirty days. In addition, the Company may prepay the promissory note in whole or in part at any time.

The Company completed the transaction in reliance upon the exemption from securities registration afforded by Section 4(2) of the Securities Act of 1933, as amended (the "1933 Act"), and Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission under the 1933 Act.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Number                                   Exhibit Title

4.01         Form of Warrant between the Company and Gary C. Evans, dated December
             12, 2013

10.1         Form of Note between the Company and Gary C. Evans, dated December 12,

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